Blockchain is taking over the world to its peak. In short, a blockchain is a form of database transferred across many participants in a network. Ethereum is a renowned blockchain with its own digital currency called Ether (ETH).
Just like a generic blockchain, in a ledger, transactions are maintained. Ethereum has a thing called smart contracts. Using these smart contracts, you can create a token in Ethereum Blockchain. Tokens represent the value of digital assets. You can develop all kinds of crypto tokens on the Ethereum blockchain. Fungible, non-fungible and semi-fungible tokens are their popular types.
There are multiple Ethereum token standards available out there:
- ERC20
- ERC1400
- ERC223
- ERC721
- ERC1203
- ERC777
- ERC827
And much more.
But ERC20 token standard is outstanding among them and highly recommended and preferred for token creation.
What are ERC-20 tokens?
Although there are multiple standards in Ethereum, ERC-20 is the most well-known and frequently used. All tokens that opt to use the ERC-20 Token Standard must stay by the rules specified by ERC20. It is possible to send and receive ERC-20 Token. Since they are fungible tokens, their value remains constant across the network.
ERC20 Token’s Beneficial Traits
As said before, the ERC20 token is used in every industry because of its beneficial features.
-> Speed, effective, globalized transactions.
-> Extremely easy to create.
-> Reduce the complexity of token swapping.
-> Risk of contract breaking is low.
-> Increased token liquidity.
-> sky scraping revenue because of wide usage & familiarity.
ERC20 Creation Strategy
The primary thing to keep in mind while creating an ERC20 token is,
- Token Name
- Token Symbol
- Token Decimal Place
- No. of Tokens in circulation
In a Nutshell:
This article took you on a delightful ride exposing in detail what it is, the token creation strategy and methods, and its benefits. Choose the leading Ethereum token development company who’ll provide a complete guide about how to Create Your Own Ethereum Token. They also provide support even after launching the tokens and so on.
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